RBS final Salary pension

gazwebb

HI there,I've got the above scheme from RBS from which I worked for from 1988-2005.
The transfer value is £50,000 according to my last statement from 2010. I haven't had another statement since and Ive since heard alot of conflicting stories about whether I should keep it where it is or transfer into my current personal pension?

Many thanks,Natalie

mania112

Final Salary's are all but extinct, because they're so valuable and the current economic climate means companies can't afford to keep them running.

You should never (never say never...) consider transferring it, because you wouldn't be able to replicate the benefits you already have in this scheme.

That being said, £50k for 13 years service seems quite low? Perhaps you weren't paying into it for that long?

gazwebb

Thanks for the reply, its only 50k as I was part time for most of the 17 years. It seems I got it wrong as its not a final salary scheme just a pension pot that i accumulated while I was there. So is it still advisable to leave it where it is then?

Natalie

xylophone

Are you certain that you were not in the final salary scheme?
perhaps you should check? http://www.rbselect.rbspeople.com/uk/4.2.final-salary-pension-plan.php
http://www.guardian.co.uk/business/2012/jun/11/rbs-work-longer-contribute-final-salary-pension

According to the above it closed to new members in 2006 which is after you left employment with the group?
http://www.rbspeople.com/content/microsites/pensioners/pdf/newsletter-2012.pdf

aylithuk

I think you should be in the Final salary scheme. I joined in 2001 and I am in the scheme